The new contract brings the 37-year-old to $532 million in guaranteed career earnings, making him the highest-paid player in league history, surpassing Brooklyn Nets star Kevin Durant .
The deal includes a player option for the 2024/25 season, meaning James will be able to opt out of the final year of his contract if he no longer wants to stay with the team.
CNN has reached out to the Lakers to confirm the new contract.
The new deal eliminates any notion James, already an official billionaire, will become a free agent next year, with the four-time NBA champion and MVP focusing on making more history with the Lakers.
The new season begins on Oct. 18, and if he stays away from injury, James should be on his way to passing Kareem Abdul-Jabbar as the NBA’s all-time leading scorer.
James averaged 30.3 points per game in 56 appearances last season despite the Lakers missing the playoffs in a difficult season.
But the franchise now has the salary cap flexibility to add another max-contract player to the team, potentially bolstering a star-studded roster that already boasts the likes of James, Russell Westbrook and Anthony Davis.